DGAP-News: First Sensor AG / Key word(s): Financing
First Sensor's shares: ISIN DE0007201907 Ι WKN (German Securities Identification Number) 720190
Strengthening liquidity position for further implementation of growth strategy / Early repayment of existing tranche
First Sensor AG has successfully placed a promissory note loan with a volume of EUR28.0 million on the capital market. The new promissory note loan replaces the variable three-year tranche of EUR19 million that had been in place since 2013 and will provide an additional EUR9 million that can be used to finance the company's growth strategy. The value date of the transaction is 21 December 2015.
"This move will improve our interest structure while generating additional funds that give us greater entrepreneurial scope to make the necessary investments for our growth," commented Dr. Mathias Gollwitzer, CFO of First Sensor AG. In addition, the interest rate risk was limited through fixed interest rates and the agreement of customary market collateral mechanisms. "We see the high level of interest in our promissory note loan as a sign of the capital market's confidence in our Strategy 2020, which we presented recently."
The Berlin-based sensor company originally planned to issue a promissory note loan with a volume of EUR25 million. Following oversubscription totaling EUR29.5 million, the final volume of the issue was EUR28.0 million.
The placement involved German institutional investors subscribing for three tranches totaling EUR28.0 million with terms of five years (variable interest EUR18.0 million, fixed interest EUR7.0 million) and seven years (fixed interest EUR3.0 million). The promissory note with variable interest is calculated on the basis of the six-month EURIBOR rate with a margin. The other two tranches are fixed-rate. All of the margins are in line with standard market conditions and significantly lower than the 2013 level. Debt-to-equity and the equity ratio were defined as financial ratios. All of the promissory note loans that are currently in place are scheduled for repayment in either 2018 (EUR12.0 million), 2020 (EUR25.0 million) or 2022 (EUR3.0 million).
About First Sensor AG
First Sensor AG
26.11.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||First Sensor AG|
|Phone:||+49 (0)30 63 99 23-760|
|Fax:||+49 (0)30 63 99 23-719|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart|
|End of News||DGAP News Service|
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